Shinhan Bank Issues Bonds for COVID-19 Financial Support... $50 Million 규모

[Asia Economy Reporter Kim Min-young] Shinhan Bank announced on the 10th that it will issue a foreign currency social bond worth USD 50 million to provide financial support for the novel coronavirus infection (COVID-19).

This COVID-19 relief bond is the first domestic social bond to specify the use of funds for supporting companies affected by COVID-19 and activities to prevent its spread. The maturity is 3 years, and the interest rate is set at 0.60% above the 3-month USD LIBOR, with HSBC participating as the lead manager.

The funds raised from this bond issuance will be incorporated into Shinhan Bank’s comprehensive COVID-19 customer support measures (with a funding scale of KRW 500 billion) implemented since the 25th of last month. They will be used to support small business owners facing financial difficulties and to aid activities preventing the spread of COVID-19.

A Shinhan Bank official stated, “To fulfill our corporate social responsibility, Shinhan Bank is issuing its fourth ESG bond following Korean won and foreign currency green bonds and foreign currency Sustainable Development Goals bonds. We will continue to promptly implement all possible support measures to prevent the spread of COVID-19 and help overcome its impact.” ESG bonds refer to bonds issued solely for the purpose of improving Environment, Social, and Governance factors. Green bonds, social bonds, and Sustainable Development Goals bonds fall under this category.

This content was produced with the assistance of AI translation services.